Friday, March 29, 2024 2:08:27 AM - Markets open
VN-INDEX 1,290.18 +7.09/+0.55%
HNX-INDEX 243.92 +1.07/+0.44%
UPCOM-INDEX 91.48 +0.30/+0.33%
VN-Index slides as foreign selling outclasses cheap purchases
Vietnam News - 3/18/2020 1:22:43 PM
 (0 ratings. You must sign in to rate.)
Vietnamese shares slid on Tuesday as strong foreign selling trumped investors’ bargain-hunting efforts.
 
The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) fell 0.28 per cent to end at 745.78 points.
 
The VN-Index has tumbled a total of 24.8 per cent over the last six weeks to hit its lowest level since June 2017.
 
The HNX-Index on the Hà Nội Stock Exchange gained 1.1 per cent to close at 100.72 points.
 
The northern market index had decreased by a total of 13.4 per cent in the previous seven trading days starting March 6.
 
The market suffered a big drop in the early period of the day as market sentiment was hurt by a collapse of the US stocks and the downtrend of Asian shares.
 
But increased purchases for stocks at cheap prices helped boost the two indices during the day, according to MB Securities Co.
 
The VN-Index before lost as much as 3.48 per cent early in the day, but then climbed 3.9 per cent.
 
The benchmark only declined in the last-minutes as foreign investors offloaded local assets. Net foreign selling on HoSE rose 46 per cent day-on-day to nearly VNĐ560 billion.
 
On the two exchanges, foreign investors net-sold a total of nearly VNĐ600 billion.
 
Banking and brokerage stocks reversed to positive territory after sinking in the morning session, as the two sector indices rose 1.6 per cent and 5.2 per cent respectively.
 
The best gainers in the two sectors included Bank for Investment and Development of Vietnam (BID), Techcombank (TCB), TPBank (TPB), HCM City Securities (HCM), Sài Gòn-Hà Nội Securities (SHS) and SSI Securities (SSI).
 
Other sectors that also saw their stocks advance were retail, energy and mining, technology, and plastics and chemicals.
 
On the other hand, real estate, agriculture, healthcare and pharmaceuticals, and food and beverage industries weighed on market sentiment.
 
In those sectors, Vingroup (VIC) tumbled 4.2 per cent, brewer Sabeco (SAB) plunged 5.9 per cent, Vincom Retail (VRE) plummeted 6.8 per cent and Vinhomes (VHM) was down 2.7 per cent.
 
“The market became more balanced as the VN-Index narrowed some of its losses and several large-caps recovered,” Thành Công Securities Co (TCSC) said in its daily report.
 
“What happened on Tuesday can provide momentum tomorrow as liquidity remained high to counter strong selling caused by foreign investors,” MBS said.
 
In the short term, the market would still struggle with poor confidence on worries about the spread of the coronavirus pandemic and its impact on global economic growth, TCSC said.
 
Rubber group debuts
 
The Vietnam Rubber Group (VRG) started listing 4 billion shares on HoSE on Tuesday with code GVR.
 
The debut price was VNĐ11,570 per share and the company's shares may move within a margin of 20 per cent on either side.
 
The rubber group’s shares declined by 3.2 per cent to end Tuesday at VNĐ11,200 apiece.
 
VRG was equitised in 2018 and began trading its shares on the Unlisted Public Company Market (UPCoM) on March 21, 2018.
 
In 2017-18, the company earned total revenues of VNĐ22.4 trillion and 23 trillion. Post-tax profits were VNĐ3.93 trillion and VNĐ3.33 trillion, respectively.
 
In the first nine months of 2019, the group recorded total revenue of VNĐ14.78 trillion and post-tax profit at VNĐ2.3 trillion.
 
VRG targets its total revenue and post-tax profit to rise to VNĐ24.65 trillion and VNĐ4.03 trillion in 2020. – VNS
 
Read original article here
 
Newer News
23/03 Shares sustain gains on strong investor confidence
20/03 Vietnamese securities companies race to boost capital amid high market demand
19/03 Large-caps pressured as increased profit-taking drives share decline
18/03 Market likely to be affected by Fed's meeting this week
18/03 Investors show strong interest in dividends at annual shareholders' meetings
15/03 VN-Index corrects, liquidity stays high
14/03 Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
13/03 Market rebounds from cautious sentiment
12/03 Losses in bank stocks weigh on market sentiment
12/03 ETFs continue to see strong outflows of foreign capital
Older News
18/03 Prices of some securities services to be cut to support market
17/03 VN stocks lose ground on recession worries
16/03 Market analysts expect unstable trade this week
13/03 Shares tumble over WHO declaration of COVID-19 pandemic
12/03 Shares nosedive, VN-Index worstperforms in Asia
11/03 VN-Index rebounds after Monday’s crash
10/03 Foreign investors withdraw $147.7m in 20 days
10/03 VN-Index hits rock bottom in past 18 years
08/03 Shareholders’ meetings to proceed as usual, say firms
02/03 VASB proposes tax cut to increase trading liquidity
 
Newsletter Signup
Top Stories
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,290.18 +7.09/+0.55%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.